The narrator tells about a village called Acme Falls in Warnerstock and about how it was ruled by King William the Good. Then William died, and it was taken over by a place called Ticktockia and the new king, King Salazar the Pushy, replaced William. Salazar's treasury ran low and he began taxing Acme Falls, which soon became a poor town. The townspeople sing of their poverty, while young Wakko Warner, an orphan in the town, tries to cheer everyone up.
After hoping for a whole year that things would get better, Wakko decides to leave Acme Falls to seek his fortune. His older brother, Yakko, and his sister, Dot, wait for him for another year in the station. As his train comes in, all the townspeople come to see what he has brought, and he reveals a ha'penny. The townspeople rejoice, but Policeman Ralph, who works for King Salazar, overhears and tells the taxman, Baron Von Plotz. Wakko plans to use the ha'penny to get his sister an operation she needs, but Plotz arrives and takes the ha'penny for unfair taxes such as the "calling the king a jerk" tax. The townspeople once more go back to moping in misery.
Wakko is depressed with the loss of his ha'penny, and as Yakko tells Dot the story of how she is born (Which she keeps begging to hear) he sits down by an old mattress and mopes. Yakko tries to reassure his brother, then goes to sleep. Wakko makes a wish on a star and a fairy named Pip comes into his house, telling him he has picked the one star in the sky that is a wishing star, and whoever touches the star first gets one wish. The fairy sends the star to Earth and quite far away. Wakko tells Yakko and Dot and they unwisely tell the townspeople, and soon a mad race is made to the star.
Soon the King hears of the star and orders Baron Von Plotz to stop the townspeople from getting to it before him. He also tells him to kill Yakko, Wakko and Dot, for a reason he won't reveal. The Baron and Ralph chase after the Warners, but after a battle between the racers and an avalanche they manage to get to the star first. However, the king catches them and everyone else, and plans to kill them until Yakko tells him they know things about the star he doesn't. Salazar takes them to his castle and after a few of their crazy antics, he hands them to his guard and orders they be killed. The guard is weakened by Dot's cuteness and releases them, and they run to the star. but Salazar sends a cannon after them which blows Yakko and Wakko back and hits Dot.
Yakko and Wakko run over to Dot as she starts coughing, and Yakko picks her up. She asks him to tell her the story "one last time" and he does. Towards the end, he starts crying a bit, and then Dot coughs, tells a bit of the story, and dies in his arms. Yakko starts to cry, and the guard yells at the king for killing Dot. Everyone starts to yell at the king, and Wakko runs towards the star. A townsperson spots him and points at him, and the king sends another cannon after him, but it misses, and Wakko touches the star. Dot sits up, revealing she faked the dying to help her brother. Yakko hugs her, and everyone gathers around the star.
Wakko makes his wish and holds up two ha'pennies. The townspeople are happy again, and Wakko buys the things he needs, as well as his sister's operation. After the operation, the hospital locates their birth certificates, revealing them to be the offspring of King William The Good, and thus they were the rulers of Warnerstock. King Salazar is booted out of his castle- literally- and gets eaten by his own dogs. The ha'penny trades hands around Acme Falls and the town prospers, and the people who were racing to the star also happen to get their wishes. At the end, the whole cast sings "Never give up hope" with their new rulers, Yakko, Wakko and Dot.
After hoping for a whole year that things would get better, Wakko decides to leave Acme Falls to seek his fortune. His older brother, Yakko, and his sister, Dot, wait for him for another year in the station. As his train comes in, all the townspeople come to see what he has brought, and he reveals a ha'penny. The townspeople rejoice, but Policeman Ralph, who works for King Salazar, overhears and tells the taxman, Baron Von Plotz. Wakko plans to use the ha'penny to get his sister an operation she needs, but Plotz arrives and takes the ha'penny for unfair taxes such as the "calling the king a jerk" tax. The townspeople once more go back to moping in misery.
Wakko is depressed with the loss of his ha'penny, and as Yakko tells Dot the story of how she is born (Which she keeps begging to hear) he sits down by an old mattress and mopes. Yakko tries to reassure his brother, then goes to sleep. Wakko makes a wish on a star and a fairy named Pip comes into his house, telling him he has picked the one star in the sky that is a wishing star, and whoever touches the star first gets one wish. The fairy sends the star to Earth and quite far away. Wakko tells Yakko and Dot and they unwisely tell the townspeople, and soon a mad race is made to the star.
Soon the King hears of the star and orders Baron Von Plotz to stop the townspeople from getting to it before him. He also tells him to kill Yakko, Wakko and Dot, for a reason he won't reveal. The Baron and Ralph chase after the Warners, but after a battle between the racers and an avalanche they manage to get to the star first. However, the king catches them and everyone else, and plans to kill them until Yakko tells him they know things about the star he doesn't. Salazar takes them to his castle and after a few of their crazy antics, he hands them to his guard and orders they be killed. The guard is weakened by Dot's cuteness and releases them, and they run to the star. but Salazar sends a cannon after them which blows Yakko and Wakko back and hits Dot.
Yakko and Wakko run over to Dot as she starts coughing, and Yakko picks her up. She asks him to tell her the story "one last time" and he does. Towards the end, he starts crying a bit, and then Dot coughs, tells a bit of the story, and dies in his arms. Yakko starts to cry, and the guard yells at the king for killing Dot. Everyone starts to yell at the king, and Wakko runs towards the star. A townsperson spots him and points at him, and the king sends another cannon after him, but it misses, and Wakko touches the star. Dot sits up, revealing she faked the dying to help her brother. Yakko hugs her, and everyone gathers around the star.
Wakko makes his wish and holds up two ha'pennies. The townspeople are happy again, and Wakko buys the things he needs, as well as his sister's operation. After the operation, the hospital locates their birth certificates, revealing them to be the offspring of King William The Good, and thus they were the rulers of Warnerstock. King Salazar is booted out of his castle- literally- and gets eaten by his own dogs. The ha'penny trades hands around Acme Falls and the town prospers, and the people who were racing to the star also happen to get their wishes. At the end, the whole cast sings "Never give up hope" with their new rulers, Yakko, Wakko and Dot.
